St George Mining (ASX:SGQ) has finalised a recently completed and heavily oversubscribed capital raising today with the allotment of 22.6 million new shares and 11.3 million options.
The latest round of funding represents an important show of support from strategic investors for the company's current focus on drilling at its East Laverton project in Western Australia.
The total raising of A$1.8 million will escalate work on the project’s nickel sulphide targets where high-impact drilling is already underway and continuing at speed.
The first of six reverse circulation holes are now underway at the Desert Dragon Central prospect, where St George will explore conductors located in a prominent tight fold of the ultramafic belt.
Four additional drill holes will target three downhole electromagnetic conductors and prospective geological positions.
The current program is expected to deliver geological information 150 metres south of an area where a hole drilled by BHP Billiton in 2012 marked 18 metres at 0.40% nickel from 100 metres.
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